Business is not about having the largest market share or about growing fast. It’s about making money.
‘I want to grow my business’ is not a business strategy. ‘I want to grow my business’ is the same as saying, ‘I want to be rich’.
Those things (unfortunately) don’t happen by themselves. Growing is not a strategy, it’s a consequence. When someone includes growth in their strategy, there should be an orange light starting to blink.
That does not mean that you cannot use the word ‘growth’. I use it a lot in the analysis phase – for example, when you talk about growth areas of the business or when you look for growth platforms – areas where you can reach potential that will give you additional profit.
Know your industry before you develop your business strategy
A company is not an island – it’s part of a larger ecosystem, an industry. Each industry has its own characteristics, its own structure. This structure and the relative position your company has within the industry determines profitability. Certain industries have a higher return than others
Your thinking about the industry and industry competition will determine your thinking about your strategy – how you are going to compete within the industry.
In my eyes, this is the most simple strategy definition. You need a clear choice of WHO you are going to serve and a clear choice of HOW you are going to serve those clients.
It’s about connecting the outside world – the demand side – with your company – the supply side. Or in fancy terms: you need a value proposition for a specific customer segment and to develop unique activities in the value chain to serve them.
Choose best key word for your business
You cannot be everything to everybody. You want to target a limited segment of potential buyers with the same needs. Next, you are going to tailor your activities in such a way that they meet these needs.
A good business strategy requires you to say NO often
If you have clearly defined what you go for – a clear value proposition for a specific client segment (who) and a set of distinct, unique activities in your value chain to offer the needs of this client group (what), you will find out that there are lots of things that you are not going to do.
There will be customers that you are not going to serve, activities that you are not going to perform and services/products that you will not be offering.
In business strategy, choosing what not to do is equally important.
Using the words of the founding father of modern strategy thinking, Michael Porter: “The essence of strategy is choosing what not to do”.
Each business strategy should also have a section where it clearly states the noes.
Business strategies requires you to keep moving
Having a good business strategy means that you have arrived. Competitors move, customers’ needs and behaviors change, technology evolves. One crucial element to determine a future path for your company is to predict these evolutions and trends and incorporate this thinking into the business strategy-building process.
If you don’t, you can miss out on new value that is created in the industry or even left behind and get into trouble.
Think about the smart phone and Nokia and you’ll understand.
Scenario thinking is an important business strategy tool
The last one of the business strategy principles is not the least important. I don’t have to tell you that facts and figures can only go so far. You need to turn data into assumptions that will fuel your reflection process. The standard way to work with assumptions in a structured way is by scenario thinking – fix some parameters and let other vary.
I believe that scenario thinking is a crucial skill for anyone who wants to deal with business strategy.
Every leader should at least master the basics so that they don’t need a strategy consultant for every reflection process or at least to help them challenge the scenario models that the strategy consultant presents.
The screenplay, by Hirani and Abhijat Joshi, opens with a writer presenting an obsequious biography of Sanjay Dutt (Ranbir Kapoor) that compares the actor to Mahatma Gandhi, an in-joke about Hirani’s 2006 film Lage Raho Munnabhai, in which Dutt’s gangster Munna gets visions of and is transformed by Mahatma Gandhi’s ghost.
Despite this, the appointed writer gives away the biggest clue to the biopic’s attitude to its subject. Dutt, in the presence of his third wife Manyata (Dia Mirza), is telling Winnie about the number of women he has bedded. At least 350, he says, and don’t include the prostitutes. Winnie’s blue contact lenses widen in a mix of incredulity and glee that causes the corners of her lips to meet her earlobes.
The cocktail of gobsmacked fascination and rampaging admiration rarely thins, even when Dutt is at the peak of self-damage.
Google backs JioPhone operating system provider KaiOS
KaiOS Technologies Inc., the developer of the KaiOS operating system for smart feature phones, has received a $22 million investment from Google as part of the American company’s ‘Next Billion Users’ program. Following the partnership, Google Assistant, Google Maps, YouTube, and Google Search will be available to KaiOS users, the HongKong-based company said in a post.
KaiOS has helped bridge the digital divide for hundreds of millions of feature phone users who were not upgrading to smartphones due to steep learning curve or pricing or digital illiteracy, said Tarun Pathak of Counterpoint.
How to apply for passport using mPassport Seva app
The external affairs ministry has now simplified passport application process, making it easier for Indian citizens to get passport from anywhere in India. Here are the steps to apply for a passport under the new rules:
2. You can choose which Regional Passport Office (RPO), Passport Seva Kendra (PSK) or Post Office Passport Seva Kendra (POPSK) you want to go to in-person for processing of your passport application. Earlier, a passport applicant had to visit the RPO or PSK in the city mentioned in his documents but now you can now choose where you want to apply for a passport, irrespective of the city of your stay. For example, a resident of Jaipur, who is temporarily residing in Kolkata, will now be able to apply at a PSK or POPSK under the RPO, Kolkata, and will not have to travel all the way back to Jaipur to submit an application for a passport at a PSK or POPSK under the Jaipur RPO.
4. In case if police verification is required, it would be conducted at the address specified in the application form. The passport will be printed and despatched by the regional passport office selected for application submission by the applicant to the address specified in the passport application.
Jackson was born in 1928 in Fountain Hill, Arkansas and was the eldest of five children.
He described his own father, a university professor, as a domineering and strict presence.
Jackson nurtured ambitions of being a boxer and later played guitar with a blues band, The Falcons, but failed to win a recording deal.
In 1949 he married Katherine Scruse, a former classmate from Washington High School in East Chicago, Indiana. She raised their children while Jackson worked at a local steel mill.
In 1957, they lost a child, Brandon, to stillbirth. He would have been Marlon's twin brother.
During the 1960s, Jackson took control of his sons' burgeoning musical efforts and the Jackson 5 was born, later signing to Motown records in 1967.
The Jackson 5 splintered as Michael's solo career took off and he distanced himself from his father's management.
Jackson focused instead on his daughter Janet, who went on to become a massive star.
Jackson reportedly carried on a decades long extra-marital affair with Cheryl Terrell, a secretary 20 years his junior. The pair had a daughter, his 11th child, Joh'Vonnie, who is now 43, but Jackson remained married to Katherine all along.
Kangaroo joins a football match in Australia but turns out to be really bad at goalkeeping
As players passed a few balls to him standing near the goal post, the kangaroo cleared had zero skill to save but hoped around the entire ground not willing to leave even after being chased by a pick-up truck.
With the ongoing FIFA World Cup 2018, it’s not just the fans of the sport from across the world that are gripped by the football fever. In fact, recently, in Canberra, Australia, a kangaroo tried to get some action on a soccer field by intruding a football match. But unfortunately, as it turns out, he seemed like he could use some practice because boy, was he bad at goalkeeping! As he decided to hop onto the football ground, interrupting a match between two local teams, this kangaroo’s special appearance went viral on the Internet.
Not simply the gamers and viewers, commentators too have been excited to see the brand new ‘playa’, clearly so, and mentioned how they by no means acquired to do a commentary on a kangaroo earlier than.
As gamers handed a couple of balls to him standing close to the aim publish, the novice appeared to haven’t very spectacular expertise to save lots of however was too eager to go away regardless of being chased by a pick-up truck.
Traffic police fines Mumbai man for offering ‘lift to strangers’ stranded in rains; viral FB post starts debate online
Mumbai is underwater as a result of heavy monsoon showers, and along expected lines, there is chaos on the roads with many commuters left stranded. However, for one Mumbaikar, who decided to help stranded passengers last week by offering them a lift, things took an unexpected turn.
Nitin Nair, an executive with a financial consultancy firm in Navi Mumbai, was fined by the traffic police near the Airoli Circle when he offered three stranded commuters, including a senior citizen, a lift in his car on June 18.
In his Facebook post, Nitin alleged that the traffic police told him to stop his car, and submit his driving licence, which was subsequently confiscated. Speaking to The Better India, Nitin said that the police neither interrogated the passengers in his car nor asked them to disembark.
While Nitin Nair was fined under the law, which deals with using private vehicles for transportation without the requisite permit, he highlights how some apps openly run their business based on the same principal – charging fee by giving lifts.
Nitin Nair was on his way to office when he spotted an elderly man and two others marooned in heavy showers. Nair offered them a lift since they all were going to the same direction. But a traffic police confiscated his license for giving lift to “unknown people”. Not only did he pay a fine of Rs 1,500 to get back his license, he had to go to court and “accept” his mistake.